Thrive Homes plans to continue thriving in Inman Park near Atlanta’s BeltLine.
The home builder is following up its Residences at Studioplex, which features million-dollar homes, with Emerson on Krog, another set of attached houses that will be priced at $1 million and up.
Construction hasn’t started yet but work on the site has begun. And, building permits have been pulled for the property at Edgewood Avenue and Krog Street near the Krog Street Market food hall. The first phase will have 16 units and start delivering next fall.
Thrive’s projects are going up in an area that is seeing a lot of activity. In 2015, Trammel Crow Residential finished off a 100-unit apartment project on Krog Street called Alexan EAV.
Meanwhile, North American Properties, notable for Avalon in Alpharetta and Colony Square in Midtown, is building a 350-unit mixed-use development that straddles a portion of the BeltLine’s Eastside Trail that is set to open early next year.
Thrive hopes to build on momentum at its Residences at Studioplex. Of the 19 units under construction, 12 are under contract, according to the builder.
With those projects, Thrive is tapping into the second-largest market for million-dollar-plus attached homes inside the perimeter. From October 1 of last year through September 30 of this year, Engel & Volkers Atlanta’s third-quarter report shows 24 homes listed in the $1 million to $2 million range and seven above $2 million. The Buckhead area had 32, with 18 above $2 million, according to the report.
The report also showed an 18-month inventory in the Midtown/Inman Park area, compared to an eight-month inventory in the Buckhead area. Homes sell more quickly in the Midtown area, though: The average cumulative days on the market was 85 days, less than half the Buckhead area.